Chrysler spokesman Shawn Morgan on Bloomberg‘s revelation that the Department of the Treasury has sent a notice of default to Old CarCo (AKA Bad Chrysler) for $3.34B worth of bailout “loans.” Surprised? You shouldn’t be.

Since filing for bankruptcy on April 30, Old Carco paid $55 million for advice from lawyers, bankers and accountants, according to the monthly operating report filed today in U.S. Bankruptcy Court in Manhattan.

It should be required reading for everyone to read the Friday article about the in-depth study in state of Michigan tax incentives provided to business as provided in the Wall Street Journal editorial section. Basically proof positive of how hosed up government intervention is and can be….and the resultant cost to taxpayers with no upside